President Donald Trump announced Monday he has chosen Federal Reserve Governor Michelle Bowman to take over the central bank's top supervisory role. The announcement comes after Michael Barr resigned from his role as the Fed's vice chair for supervision,

President Donald Trump picked Federal Reserve Governor Michelle Bowman to serve as the central bank’s vice chair for supervision, a move cheered by Wall Street banks and smaller lenders who expect she’ll be friendlier to the industry.

Federal Reserve Board member Michelle Bowman has been nominated as the board's vice chair for supervision, a position that oversees regulation of the nation's largest banks.